I don't think it's overblown at all. It's actually a huge issue. The problem is the term "lapability" has become such a common 'catch-all' word for the problem that its actually made the problem look narrower than it actually is.
The problem with the Surface isn't just "lapability." It's, "anything-that's-not-a-completely-flat-stable-surfaceability" The Surface just isn't designed to be comfortably used in any scenerio that isn't a flat, desk-like surface. And when you get into the price-range the Surface is in, and you're expecting people to replace their laptops with this thing, little things like this become vitally important to the perception of the device.
For example: here's a shameless selfie I took earlier today:
It's Saturday, my day off, my feet are propped up on the coffee table, I've got movies playing on my TV and I have no intention of changing out of my PJs or even leaving my couch. This is how I sit with my laptop.
This would literally not be possible with the Surface. And my roommate has me beat with all the goofy ways she sits propped up with her laptop. Sitting with my laptop propped up on the couch, on the bad, on a blanket at the park,
with your legs crossed. It's not just the black and white of being suited for being used on either a table or your perfectly still lap, it's everything in between. These are all
common ways that people use their laptops, and the Surface is suited for
none of it.
And I suppose you could say that this is where the Surface shines as a tablet, but most people STILL want access to a physical keyboard in these positions. And that's important, because MS isn't asking people to replace their tablet with a Surface, they're asking them to replace their laptops, and at a pretty steep price, to boot.
As long as the weight of the Surface lies in it's screen (with the flimsy type cover providing little in the way of counterweight), this is going to always be a massive problem for MS and their efforts to have people see the Surface as a viable replacement for their laptops.